Where / when to refi?

SAP
Kg1fyFW8

Go to company page SAP

Kg1fyFW8
Apr 22, 2020 33 Comments

Bay area. Bought at $1m a few years ago, pre-Covid worth: $1.2-1.3m (who knows now).

2.875% ARM, a couple years left before it adjusts. $600k left on the mortgage. >800 credit. $300k liquid. No other debt. TC: $550k with spouse.

Would love to meet/beat our current rate with a 15yr or 30yr fixed.

Recommendations for banks / lenders who can get into that range?

And start the process now, or wait for rates to fall further?

Thanks in advance!

33

comments

Want to comment? LOG IN or SIGN UP
  1. TOP
  2. RECENT
  3. OLD
 TOP 33 Comments
  • Intel
    Cloud_DC

    Go to company page Intel

    Cloud_DC
    Just got loan approved for 2.875% for 30 yr fixed. Had 7/1 arm at 2.875 starting 2017. Loan amount 692k now. No closing costs.
    Lender : BOA.
    Location : Bay Area.

    15yrs fixed was at 2.675% two weeks back but don’t know now.
    Apr 22, 2020 20
    • Intel
      Cloud_DC

      Go to company page Intel

      Cloud_DC
      Closing costs( section A to E ) in your loan estimate are covered by lender and comes close to $4K. I don’t have an escrow account and pay property taxes and home owners insurance separately by myself. So the only part I need to pay is difference in interest between the date it’s closed on and 1st of the month.
      Apr 23, 2020
    • Intel
      Cloud_DC

      Go to company page Intel

      Cloud_DC
      I know a neighbor of mine got 30yr fixed from first republic bank (I think) for 2.625 and had to pay points and closing costs as recently as last month. His lender never responded to my multiple initial requests.

      Heard from my lender that they are getting lots of calls and rates have gone up now. Not sure how much though. Again, keeping looking at mortgage reports.com and see the trend and if you believe rates are going down in that day/days contact lender and get a lock on. They will need to run your credit and also look at the equity in your home to see if they can offer you the interest rate.

      Hope that helps. :)
      Apr 23, 2020
  • Amazon / Eng
    ttalltime

    Go to company page Amazon Eng

     ttalltime
    Similar situation, got a refi with 3.375% 30yrs fixed for an investment prop. Never ever it was this low for investment properties.
    Apr 22, 2020 1
  • LinkedIn / Eng
    Mdjenck

    Go to company page LinkedIn Eng

    PRE
    Amazon, Google
     Mdjenck
    https://rate.exposed has some recent mortgage reports
    Apr 24, 2020 0
  • I just got quoted for 3.25% 30 year on a second property mortgage.

    Gonna wait for 3%, I read that it may come second half
    Apr 23, 2020 2
  • Lyft
    biiigmans

    Go to company page Lyft

    biiigmans
    My parents got a 7/1 jumbo ARM with Wells Fargo for 2% (Yes 2%) two months ago. The builders had Wells Fargo as a preferred lender which knocked off a few basis points, then maxed out the relationship discount to knock off more basis points (requires you to transfer money in to Wells Fargo accounts).
    Apr 23, 2020 0